Another DTC Lender Opens Up to Brokers: Neo Financial

Neo Financial wants to be your one-stop shop for financial services, and now it's rolling out the red carpet for mortgage brokers.

The company—known for its "Neo Money" and "Neo Credit" accounts, which dole out 5-15% cash back on purchases from Neo Partners—launched its mortgage lender in October. It gets its mortgage business mainly from cross-selling its credit card and investing customers. But as of this quarter, it has launched a pilot to drum up broker channel business.

The company launched in 2019, has big-time partnerships (e.g., Tim Hortons & Hudson's Bay) and counts over one million customers. It is backed by superstar venture capital investor Peter Thiel and has received $288M in funding to date.

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